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Medifast, Inc. Announces New Interim Chief Financial Officer

OWINGS MILLS, Md., Dec. 26, 2012 /PRNewswire/ -- Medifast, Inc. (NYSE: MED), a leading United States manufacturer and provider of clinically proven, portion-controlled weight-loss products and programs, today announced that the Company's interim Chief Financial Officer, Edward J. Powers, will resign to accept another job opportunity in the construction tool industry in the greater Baltimore area, effective January 4, 2013. Chairman and Chief Executive Officer, Michael C. MacDonald has named Joseph Kelleman, the Company's Director of Finance - Supply Chain, as interim Chief Financial Officer. Mr. Powers is currently working with Mr. Kelleman to ensure a smooth transition.

(Logo: http://photos.prnewswire.com/prnh/20120613/NE24271LOGO-b )

"On behalf of our employees and the Board we appreciate Ed's contributions on the finance team as Controller and interim CFO and wish him well in his return to the construction tool industry where he spent over 20 years of his career," commented Mr. Michael C. MacDonald, Medifast's Chairman and Chief Executive Officer. "We are actively pursuing our previously announced search for a new CFO and look forward to working with Joe on an interim basis as we continue to focus on increasing sales and realizing greater cost efficiencies to help improve our margins and increase earnings long-term."

Mr. Kelleman joined Medifast as Director of Finance – Supply Chain in February 2012 with over 20 years of finance and manufacturing experience. Most recently, Mr. Kelleman was Global Operations Controller – CDIY Business at Stanley Black & Decker, Inc. from 2010 to 2012. While at Stanley Black & Decker, Inc. Mr. Kelleman was Director of Finance – Asian Operations where he had financial oversight for manufacturing in Asia and the global purchasing operations as well as development and review of internal controls, strategic planning, annual budget build, and monthly closing and reporting from 2009 to 2010.  Mr. Kelleman was also Director of Finance – NAPT Commercial Operations from 2001 to 2009, Director of Finance – WWPT Manufacturing from 1999 to 2001, and Director of Finance – North American Manufacturing from 1997 to 1999.

As previously announced on November 13, 2012 the Company has engaged an executive recruiting firm to conduct a search for a new chief financial officer. 

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